REG-Aroundtown SA Aroundtown SA announces 9M 2025 results with solid operational performance and FFO accretive capital markets transaction

Aroundtown SAAnnouncement

26/11/2025 06:00

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Aroundtown SA (IRSH)
Aroundtown SA announces 9M 2025 results with solid operational performance and FFO accretive capital markets
transaction

26-Nov-2025 / 06:47 CET/CEST
The issuer is solely responsible for the content of this announcement.

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THIS ANNOUNCEMENT IS NOT  FOR RELEASE, PUBLICATION  OR DISTRIBUTION, DIRECTLY  OR INDIRECTLY, IN  OR INTO THE  UNITED
STATES, AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A  VIOLATION
OF APPLICABLE LAWS OR REGULATIONS

AROUNDTOWN ANNOUNCES 9M 2025 RESULTS WITH SOLID OPERATIONAL PERFORMANCE AND FFO ACCRETIVE CAPITAL MARKETS TRANSACTION

  • Net rental income of €886 million in 9M 2025, stable year-over-year, with solid like-for-like rental income
    growth of 3.1% offsetting the impact of net disposals.
  • Adjusted EBITDA of €750 million, 1% lower year-over-year.
  • FFO I in the amount of €221 million or €0.20 per share in 9M 2025.
  • Net profit of €882 million and basic earnings per share of €0.49, driven by operational growth, positive property
    revaluations in H1 2025, and one-time deferred tax income impact.
  • LTV at 41% as of September 2025, lower compared to 42% as of December 2024.
  • Solid ICR of 4.1x in 9M 2025, and unencumbered assets ratio of 70%, with a value of €17.1 billion as of September
    2025.
  • EPRA NTA of €8.5 billion and €7.8 per share as of September 2025, both 5% higher compared to €8.2 billion and
    €7.4 per share as of December 2024.
  • Pro-active liability management and highly accretive perpetual note transaction after the reporting period
    further strengthening AT’s position
  • FY 2025 Guidance confirmed.

26 November 2025.

Aroundtown (‘the Company’  or ‘AT’)  announces results for  the first  nine months of  2025, with  net rental  income
amounting to €886 million, stable compared to €883 million in 9M 2024, as the impact from net disposals was offset by
operational growth, with like-for-like rental growth of 3.1%.  Reported Adjusted EBITDA amounted to €750 million,  1%
lower compared to €758 million in 9M 2024.  The Company reported an FFO I in  the amount of €221 million in 9M  2025,
compared to €236 million in 9M 2024,  positioning the Company well to meet its  FY 2025 guidance. Net profit for  the
period totaled €882 million and basic earnings per share amounted to €0.49, driven by positive property  revaluations
in the first half of 2025, operational growth, and the one-time non-cash deferred tax income impact from the  changes
in the German income  tax law during Q3  2025. The Company will  revalue its full portfolio  as part of the  year-end
results. EPRA NTA amounted to €8.5 billion, and €7.8 per share, as of September 2025.

SUCCESSFUL ISSUANCE OF PERPETUAL NOTES & PARALLEL TENDER OFFER AND REDEMPTION CALLS

After the reporting period, the Company issued  new perpetual notes in the amount  of €700 million at a 5.25%  coupon
(including a €200 million tap) with a book five times oversubscribed. The proceeds of the issuance have been utilized
to buy back perpetual notes in total aggregate amount  of €1.2 billion, including through a tender offer launched  in
parallel to the issuance,  as well as  subsequent redemption call  options. The perpetual  notes bought back  carried
higher average coupons of 7%, while the total perpetual notes balance was reduced by approximately €510 million. As a
result, the transaction is expected to reduce coupon payments  in the amount of approx. €50 million on an  annualized
basis, supporting FFO as well as credit rating  metrics under S&P’s methodology. These transactions further  validate
AT’s strong access to the capital markets.

STRONG ACCESS TO DEBT CAPITAL MARKETS WITH DECREASING MARGINAL COST OF DEBT

In September 2025, Aroundtown issued  a new €850 million bond  at a coupon of 3.25%,  which had a settlement date  in
October 2025, further decreasing compared to the 3.5% and 4.8% coupon rates of the bonds issued in May 2025 and  July
2024, respectively. The strong investor demand was reflected  in the three times oversubscribed book. In parallel  to
the new issuance, a tender offer was launched, proactively extending the debt maturity profile. In November 2025, the
Company issued an additional CHF bond in  the amount of CHF 150 million at  a coupon rate of 1.5%, compared to  1.72%
for the  CHF bond  issued in  2019, which  was targeted  in the  concurrent tender  offer, further  underscoring  the
decreasing marginal cost  of debt, broad  capital markets access  across various currencies  and proactive  financial
management approach. The notional  amount was hedged to  maturity. The company bought  back in aggregate around  €480
million.  As of September 2025, AT had a low average cost of debt of 2.2% with an average debt maturity of 3.6  years
or 4.5 years pro-forma and excluding the debt cover by existing liquidity.

The Interim Consolidated Report for 9M 2025 is available on the Company’s website:

 1 https://www.aroundtown.de/investor-relations/publications/financial-reports/   

For definitions and reconciliations of the Alternative Performance Measures, please see the relevant sections in  the
pages 39-44 of the Interim Consolidated Report for 9M 2025. You can find the Interim Consolidated Report for 9M  2025
on AT’s website under Investor Relations > Publications > Financial Reports or under this link:

 2 https://www.aroundtown.de/aroundtown.de/Data_Objects/Downloads/Financial_Reports/Q3_2025_Financials/AT_Q3_2025.pdf

About the Company

Aroundtown SA (symbol: AT1), trading  on the Prime Standard  of the Frankfurt Stock  Exchange, is the largest  listed
German commercial real  estate company. Aroundtown  invests in  income generating quality  properties with  value-add
potential in central locations in top tier European cities primarily in Germany, the Netherlands, and London.

Aroundtown SA (ISIN: LU1673108939) is a public limited liability company (société anonyme) established under the laws
of the Grand Duchy of Luxembourg, registered with  the Luxembourg Trade and Companies Register (Registre de  Commerce
et des Sociétés, Luxembourg) under number  B217868, having its registered office  at 37, Boulevard Joseph II,  L-1840
Luxembourg, Grand Duchy of Luxembourg.

 

Contact

Timothy Wright
T: +352 288 313
E:  3 info@aroundtown.de
 4 www.aroundtown.de

DISCLAIMER

THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES.

THE SECURITIES MENTIONED IN  THIS ANNOUNCEMENT HAVE  NOT BEEN, AND WILL  NOT BE, REGISTERED  UNDER THE UNITED  STATES
SECURITIES ACT OF 1933, AS AMENDED (THE SECURITIES ACT), AND  MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES  ABSENT
REGISTRATION OR AN EXEMPTION  FROM REGISTRATION UNDER  THE SECURITIES ACT. THERE  WILL BE NO  PUBLIC OFFERING OF  THE
SECURITIES IN THE UNITED STATES.

THIS ANNOUNCEMENT  IS DIRECTED  AT AND  IS ONLY  BEING DISTRIBUTED  IN THE  UNITED KINGDOM  TO (I)  PERSONS WHO  HAVE
PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS FALLING WITHIN ARTICLE 19(5) OF THE FINANCIAL SERVICES AND
MARKETS ACT 2000 (FINANCIAL PROMOTION)  ORDER 2005 (THE ORDER),  (II) HIGH NET WORTH  ENTITIES, AND OTHER PERSONS  TO
WHOM IT MAY OTHERWISE LAWFULLY BE COMMUNICATED FALLING WITHIN ARTICLE  49 OF THE ORDER, AND (III) PERSONS TO WHOM  IT
MAY OTHERWISE LAWFULLY  BE COMMUNICATED  (ALL SUCH  PERSONS TOGETHER  BEING REFERRED  TO AS  RELEVANT PERSONS).  THIS
COMMUNICATION MUST NOT BE  READ, ACTED ON OR  RELIED ON BY PERSONS  WHO ARE NOT RELEVANT  PERSONS. ANY INVESTMENT  OR
INVESTMENT ACTIVITY TO WHICH THIS ANNOUNCEMENT RELATES IS AVAILABLE  ONLY TO RELEVANT PERSONS AND WILL BE ENGAGED  IN
ONLY WITH RELEVANT PERSONS.

IN MEMBER STATES OF THE EUROPEAN ECONOMIC AREA (EEA) AND THE UNITED KINGDOM, THIS ANNOUNCEMENT AND ANY OFFER IF  MADE
SUBSEQUENTLY IS  DIRECTED ONLY  AT  PERSONS WHO  ARE “QUALIFIED  INVESTORS”  WITHIN THE  MEANING OF  REGULATION  (EU)
2017/1129, AS AMENDED (THE PROSPECTUS REGULATION) (QUALIFIED INVESTORS). ANY PERSON IN THE EEA OR THE UNITED  KINGDOM
WHO ACQUIRES THE SECURITIES IN ANY OFFER (AN INVESTOR) OR TO WHOM ANY OFFER OF THE SECURITIES IS MADE WILL BE  DEEMED
TO HAVE REPRESENTED AND AGREED THAT IT IS A QUALIFIED INVESTOR. ANY INVESTOR WILL ALSO BE DEEMED TO HAVE  REPRESENTED
AND AGREED THAT ANY SECURITIES ACQUIRED BY IT IN THE OFFER HAVE NOT BEEN ACQUIRED ON BEHALF OF PERSONS IN THE EEA  OR
THE UNITED KINGDOM OTHER THAN QUALIFIED INVESTORS, NOR HAVE  THE SECURITIES BEEN ACQUIRED WITH A VIEW TO THEIR  OFFER
OR RESALE IN THE EEA  OR THE UNITED KINGDOM TO  PERSONS WHERE THIS WOULD RESULT  IN A REQUIREMENT FOR PUBLICATION  BY
AROUNDTOWN OR ANY OF THE MANAGERS OF A PROSPECTUS PURSUANT TO ARTICLE 3 OF THE PROSPECTUS REGULATION.

THIS ANNOUNCEMENT MAY  CONTAIN PROJECTIONS  OR ESTIMATES  RELATING TO  PLANS AND  OBJECTIVES RELATING  TO OUR  FUTURE
OPERATIONS, PRODUCTS,  OR SERVICES,  FUTURE FINANCIAL  RESULTS, OR  ASSUMPTIONS UNDERLYING  OR RELATING  TO ANY  SUCH
STATEMENTS, EACH OF WHICH CONSTITUTES A FORWARD-LOOKING STATEMENT  SUBJECT TO RISKS AND UNCERTAINTIES, MANY OF  WHICH
ARE BEYOND THE CONTROL OF AROUNDTOWN SA. ACTUAL RESULTS COULD DIFFER MATERIALLY, DEPENDING ON A NUMBER OF FACTORS.

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Dissemination of a Regulatory Announcement, transmitted by  5 EQS Group.
The issuer is solely responsible for the content of this announcement.

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   ISIN:          LU1673108939, LU1673108939, XS2114459550, XS1508392625,
                  XS1634523754, XS1752984440, XS2017788592, XS2027946610,
                  XS2055106210, XS2287744721, XS1586386739, XS1639847760,
                  XS1649193403, XS1700429308, XS1715306012, XS1753814141,
                  CH0398677689, XS1761721262, XS1815135352, AU3CB0252955,
                  CA04269KAA12, XS1879567144, XS1877353786, XS1901137106,
                  XS1905592546, CH0460054437, XS1961042915, XS1964701822,
                  XS1966277748, XS1980255779, XS1999746370, XS2023872174,
                  XS2023873149, XS2198981263, XS1843435501, XS2273810510,
                  XS2421195848, XS2799494120, XS2799493825, XS2812484728,
                  XS2812484215, XS2860457071, XS3070545234, XS3196024296,
                  XS3205709309, CH1477661297
   Category Code: QRT
   TIDM:          IRSH
   LEI Code:      529900H4DWG3KWMBMQ39
   Sequence No.:  409389
   EQS News ID:   2235908


    
   End of Announcement EQS News Service

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References

   Visible links
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   3. mailto:info@aroundtown.de
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